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Tata Capital to brand build Tata credit cards business; ICICI Bank up; Hero Honda dips into red

September 8th, 2008

Monday, September 08, 2008 2:35:14 PM IST

A leading business website is quoting that the Tata Sons will hand over the credit card business to their financial services arm Tata Capital. Meanwhile the CNX Nifty is up 3.75% and is at 4515 levels while BSE Sensex slipped a bit and is at 15056 up 572.89 points or 3.96

The Tata group entered into credit card services business in February 2006 but couldn’t do well. The business was off targets by its own projected figures. With the credit card business now into the hands of Tata Capital, the later will be able to manage it and will take the responsibility of promotion and marketing activities. The SBI - GE will be taking care of the underwriting and processing the white label cards. In the process, Tata Capital will get a sourcing margin.

The Bank Nifty is at 6605 up 5.04%. BSE Bankex is trading at 7540.14 levels and is up 5.21%. 17 of the 18 stocks on the BSE Bankex are in the green.

ICICI Bank is trading at 732.40 levels on the NSE and is up 6.65% so far today. SBI is up 5.48% and is trading at 1603 levels.

The Nifty losers list includes BPCL (down 2.7%) and Hero Honda (marginally in the red).

US Dollar cooled a bit while Crude is trading at $107.5 levels

1 U.S. dollar = 44.0392 Indian Rupees
1 U.S. dollar = 108.5069 Japanese Yens
1 U.S. dollar = 0.6940 Euros
1 Ounce Gold = $805.50
1 Barrel Crude Oil = $107.56

Entry Filed under: Equity Markets, Banks & NBFC, Financial Services